Iconic British sports car brand Lotus has announced it will be cutting hundreds of jobs at its UK factory, blaming "volatile market conditions" and Donald Trump's tariffs.
A spokesperson for Lotus announced that up to 270 jobs would be cut across the company, but confirmed that it was committed to its UK operations.
Lotus will now look to share resources and collaborate with its largest shareholder, Geely Holding Group. The Chinese brand also has stakes in Volvo, Polestar and Smart Automobile.
It stated that a restructuring was "vital" to ensure the brand remains competitive amid changing market conditions.
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Lotus said it would be cutting around 270 jobs as a result of the 'volatile' car sector
LOTUS
The spokesperson said: "Lotus Cars has announced a proposed business restructure to ensure sustainable operations, amid volatile and evolving market conditions including the US tariffs and shifting consumer demand for sports cars.
"The company plans to increase synergies across the wider Lotus brand and with its largest shareholder and technology partner, Geely Holding Group.
"It will look at greater resource sharing and collaboration in technology, engineering, and operations."
It follows President Donald Trump's confirmation that 25 per cent tariffs would be rolled out at the start of April, sending shockwaves through the automotive industry.
The tariff would apply to the import of foreign vehicles to the United States, alongside a minimum 10 per cent levy for other goods, although this has since been paused.
The Institute for Public Policy Research (IPPR) warned that the tariffs could threaten 25,000 automotive jobs across the UK.
It added that the "extreme pressure" would have a huge impact on the more than 100,000 vehicles exported to the US every year, with only the EU being a larger export destination.
Lotus, which has its headquarters and manufacturing facility in Hethel, near Wymondham, Norfolk, previously announced 94 job cuts in November 2024.
In the first nine months of 2024, Lotus delivered over 7,600 vehicles, representing an impressive year-on-year increase of 136 per cent.
Total revenue reached $653million (£499million), with the brand praising the new Hyper Hybrid EV technology, which can deliver a combined range of over 1,100km (683 miles).
Lotus currently has three production cars available, including the Eletre Hyper SUV, the Emira sports car and the Emeya electric Hyper-GT.
Lotis also offers the limited Evija, with just 130 examples available. The hypercar offers 2,011 brake horsepower, 1,704 Nm torque and can go 0-300km in 9.2 seconds.
LATEST DEVELOPMENTS:
Lotus delivered more than 7,600 vehicles in the first nine months of 2024
LOTUSLast year, Lotus partnered with Bosch and Mobilize, to give electric Lotus owners the opportunity to make use of more than 600,000 public chargers.
